The value of home loans approved for first-home buyers (FHBs) increased 21% in July, according to an analysis of the latest ABS data.
CoreLogic research analyst Cameron Kusher says the value of housing finance for owner-occupier FHBs totalled $3.7 billion, the highest monthly value since November 2009.
On a state-by-state basis, the ACT recorded the sharpest month-on-month increase in FHB loan commitments (76%) in July, followed by NSW (33%), the Northern Territory (27%), Western Australia (17%), Queensland (17%) and Victoria (15%).
The spike in FHB loan approvals coincided with an increase in the total value of lending for non-FHB owner-occupiers and investors. Overall, the value of mortgages approved in July rose 5.1% to $17.8 billion – the largest monthly increase since March 2015.
Kusher says the improvement in housing finance commitments has “mirrored the jump in auction clearance rates”, which have been trending above 70% over the past few months in the capital cities.